More and more crypto companies in the UK are withdrawing their applications to register with the Financial Conduct Authority (FCA). Around 64 companies have withdrawn their applications and will not be able to operate in the UK.
- The list of cryptocurrency companies that have abandoned efforts to register with UK financial regulators is growing, Reuters reported on Monday.
- Under current cryptographic regulations, the Financial Conduct Authority (FCA) is responsible for ensuring that crypto companies comply with anti-money laundering and terrorist financing laws.
- Companies that wish to provide crypto-related services in the UK must register with the FCA before doing business.
- An FCA spokesman said on Monday that registration data showed a 25 percent increase in the number of companies refusing applications in less than a month.
- The spokesman said about 64 companies had withdrawn applications, up from 51 in early June.
- Only six companies have successfully registered with the FCA so far, the publication said, adding that dozens more are currently being evaluated. but not yet considered “Appropriate and appropriate”
- The FCA has issued a consumer notice on Binance Friday, prohibiting exchanges from participating in cryptocurrencies. “Regulated activities” in the UK
What do you think about crypto companies leaving the UK due to regulations? Let us know in the comment section below.
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